German firms eye opportunities in PH cosmetics, wellness industries
MANILA -A number of German firms are looking into business opportunities in the Philippines’ cosmetics and wellness industries, seeing the growth potential of these sectors, according to the German-Philippine Chamber of Commerce and Industry (GPCCI).
GPCCI, which has around 300 member firms, said five German companies in the field of cosmetics and wellness products are in the Philippines for a five-day business mission until June 23 to explore potential partnerships with local parties.
Following the business conference hosted by the GPCCI on Tuesday, this business delegation is set to conduct business-to-business meetings and other networking activities during their stay.
“Our chamber is happy to provide the stage for them to connect with key stakeholders in the Philippines, fostering valuable partnerships and exploring exciting business opportunities.” said GPCCI executive director Christopher Zimmer.
“The participation of these German companies highlights a charming potential in the cosmetics and wellness sectors in the Philippines,” he added.
These five companies are dietary supplements and cosmetics NOBIS, cosmetic and healthcare product manufacturer Estatira Organic, biotech firm MedSkin Solutions, luxury and premium skin and hair care firm Medical Beauty Research (MBR), and Skin Care Manufaktur, a company which develops, produces and distributes skin care products.
The local cosmetics industry is projecting a full recovery from the pandemic this year, drawing optimism on the normalization of consumer behavior which changed during the height of the coronavirus pandemic.
In September of last year, the Chamber of Cosmetics Industry of the Philippines Inc. (CCIPI) said the local cosmetics and beauty industry was valued at about $4 billion annually, which declined by 50 percent to 80 percent during the health crisis.
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CCIPI President Jocelyn Babaan told the Inquirer that restrictions and quarantines dampened the demand for many of their products and services during the pandemic, as people were forced to stay home to prevent the spread of the disease.
“Since people have not been going outside or to their offices, there was no need to put on makeup or perfume. They just put on the basics, personal care, and then have their sanitizers,” Babaan said back then.
The local cosmetics industry has been growing by around 30 percent to 40 percent during the years 2018 and 2019, according to the CCIPI official.
